Aureka has secured 97 hectares neighbouring its Irvine project in the Stawell gold corridor in Victoria.
The $2.2 million purchase will allow for uninterrupted exploration of the company’s 304,000 ounces (oz) of JORC resources and exploration target of 280,000–420,000oz.
“Acquiring these properties is an important step in delivering a path to production for the Irvine project as we continue to uncover its true potential,” Aureka managing director James Gurry said.
The strategic buy has enabled permanent access to the area and flexibility in future infrastructure and drilling programs.
Additionally, the move will support long-term project planning and allow Aureka’s exploration team to unearth the full potential of the Resolution and Adventure lodes.
Aureka said its land growth strategy is capital light, meaning this expansion is not expected to significantly affect the company’s cash balance of $4.9 million at December 31.
Aureka is carrying out 7000m of exploration across its Irvine and Tandarra projects in 2025. Drilling is underway at both projects, with the early presence of sulphide minerals identified from Irvine drilling so far.
A seven-hole diamond drilling program at the Tandarra gold project was completed earlier this month. This targeted the Lawry zone, which boasts multiple zones of gold mineralisation.
Aureka changed its name from Navarre Minerals in December, with the rebrand merging ‘Eureka’, meaning a new discovery in Greek, and ‘Au’, the chemical symbol for gold.
The company said the name also honours Victoria’s rich gold heritage while reflecting its renewed focus on the precious metal.